Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.70%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.32%
baseline attrition
Rally response
-7.62%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AMRXAmneal Pharmaceuticals, | $12M | 2.0% | +48.3% | 2.8 yr |
| CASHPathward Financial, Inc. | $12M | 1.8% | +22.6% | 8.0 yr |
| AIRAAR Corp. | $11M | 1.7% | +95.5% | 5.3 yr |
| WTFCWintrust Financial Corpo | $11M | 1.7% | +25.5% | 7.3 yr |
| SNEXStoneX Group Inc. | $11M | 1.7% | +5.6% | 5.5 yr |
| DCODucommun Incorporated | $11M | 1.7% | +110.2% | 3.5 yr |
| ABCBAmeris Bancorp | $11M | 1.7% | +36.6% | 7.3 yr |
| COLBColumbia Banking System, | $10M | 1.6% | +16.1% | 2.3 yr |
| SKYWSkyWest, Inc. | $10M | 1.6% | +5.1% | 9.3 yr |
| WTMWhite Mountains Insuranc | $9M | 1.5% | +14.1% | 3.8 yr |
| PFBCPreferred Bank | $9M | 1.4% | +11.3% | 8.8 yr |
| NESRNational Energy Services | $9M | 1.4% | +191.7% | 0.5 yr |
| TRNOTerreno Realty Corporati | $9M | 1.4% | +0.0% | 5.3 yr |
| BKHBlack Hills Corporation | $8M | 1.3% | +19.3% | 10.3 yr |
| TCBITexas Capital Bancshares | $8M | 1.3% | +27.0% | 5.0 yr |
Portfolio composition (YoY)
Industry mix
Banks - Regional19.3%-2.6pp$123M
Hardware, Equipment & Parts4.8%+1.3pp$30M
Aerospace & Defense4.3%+2.2pp$27M
Oil & Gas Exploration & Production4.2%-0.4pp$27M
Drug Manufacturers - Specialty & Generic3.4%-0.8pp$22M
Financial - Capital Markets2.6%+0.0pp$16M
Diversified Utilities2.4%-0.4pp$15M
Oil & Gas Equipment & Services2.4%+1.5pp$15M
Communication Equipment2.2%$14M
Regulated Electric1.9%+0.7pp$12M
Country
US98.2%+0.1pp
BM1.5%-0.1pp
IE0.2%+0.1pp
Unknown0.0%
Top 5: 9.0% · Top 10: 17.0% · Top 25: 35.5%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| PRIM | $9M | +0.01B | 149.7% |
| CRS | $7M | +0.01B | 118.3% |
| DCO | $7M | +0.01B | 110.2% |
| AIR | $7M | +0.01B | 95.5% |
| AMRX | $11M | +0.01B | 48.3% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| FRME | $11M | -0.00B | -0.6% |
Top buys this quarter · 15
| MTDR Matador Resources Companynew | +$7M |
| TDS Telephone and Data Systems, Innew | +$6M |
| TEX Terex Corporationnew | +$6M |
| NGS Natural Gas Services Group, In | +$4M |
| LFUS Littelfuse, Inc.new | +$4M |
| ESI Element Solutions Incnew | +$4M |
| AVNT Avient Corporation | +$4M |
| BNL Broadstone Net Lease, Inc.new | +$3M |
| BHE Benchmark Electronics, Inc.new | +$3M |
| FLG Flagstar Financial, Inc.new | +$3M |
Top sells this quarter · 15
| TTMI TTM Technologies, Inc.exit | −$16M |
| STRL Sterling Infrastructure, Inc. | −$13M |
| MKSI MKS Inc. | −$11M |
| NXST Nexstar Media Group, Inc. | −$9M |
| CVSA Covista Inc. | −$8M |
| ADC Agree Realty Corporationexit | −$8M |
| OMF OneMain Holdings, Inc.exit | −$7M |
| HL Hecla Mining Company | −$6M |
| WTFC Wintrust Financial Corporation | −$6M |
| RRC Range Resources Corporationexit | −$6M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $637M | 155 | +24.02% | +17.59% | +6.42% | -0.17B |
| 2025-12-31 | $769M | 148 | +11.81% | +17.72% | -5.91% | -0.02B |
| 2025-09-30 | $771M | 147 | +15.16% | +17.52% | -2.36% | +0.02B |
| 2025-06-30 | $695M | 142 | +16.00% | +14.94% | +1.06% | -0.00B |
| 2025-03-31 | $652M | 145 | +8.71% | +8.30% | +0.41% | -0.06B |
| 2024-12-31 | $749M | 154 | +20.89% | +24.89% | -4.00% | -0.05B |
| 2024-09-30 | $755M | 136 | +30.86% | +36.04% | -5.17% | -0.06B |
| 2024-06-30 | $753M | 132 | +17.72% | +24.49% | -6.77% | -0.06B |
| 2024-03-31 | $811M | 153 | +24.03% | +29.62% | -5.60% | +0.01B |
| 2023-12-31 | $757M | 160 | +21.21% | +26.18% | -4.97% | -0.03B |
| 2023-09-30 | $688M | 175 | +15.65% | +21.57% | -5.92% | -0.03B |
| 2023-06-30 | $731M | 185 | +11.07% | +19.42% | -8.36% | -0.01B |
| 2023-03-31 | $698M | 187 | -14.18% | -7.82% | -6.36% | -0.02B |
| 2022-12-31 | $694M | 321 | -20.43% | -18.17% | -2.26% | -0.01B |
| 2022-09-30 | $646M | 201 | -18.85% | -15.51% | -3.35% | +0.02B |
| 2022-06-30 | $668M | 201 | -13.00% | -10.62% | -2.38% | +0.02B |